Wise launches cross-border payments in Thailand after securing key licences
Wise has officially launched its financial services in Thailand after securing all required regulatory approvals. The company, known for its cross-border payment solutions, began operations for private customers on 14 November 2024. This move makes Wise the first non-bank in the country to receive such licences from the Bank of Thailand and the Ministry of Commerce.
The expansion follows Wise's acquisition of five key licences, including the Electronic Money (EM) and Cross-Border Transfer (CBT) permits. These allow the company to offer compliant international money transfers and multi-currency accounts to Thai residents, businesses, and foreign nationals. Customers can now use a single app for transactions in different currencies, alongside a foreign currency wallet and card service.
Thailand's regulatory system demands multiple licences for payments, electronic money, and foreign exchange operations. Wise's phased rollout includes a waitlist for early access, ensuring a smooth introduction of its services. The company's growth in the Asia-Pacific region has been strong, with revenue rising by 22% to £263.8 million in the last financial year—accounting for over a fifth of its global earnings.
Beyond Thailand, Wise has expanded its regulatory footprint, now holding over 75 licences worldwide. Recent approvals include a full launch in the UAE and conditional clearance in South Africa. The firm's focus remains on providing faster, more transparent alternatives to traditional banks for cross-border payments.
Wise's entry into Thailand marks a significant step in its Asia-Pacific strategy. The company's services will now be available to individuals and businesses looking for efficient international money transfers. With regulatory approvals secured, the platform is set to compete directly with established banking systems in the region.
